Developer Vaios Theodorakos says he has signed a lease with Subway and is negotiating to bring other national brands to downtown’s historic Arcade block.

Theodorakos said he is adding the tenants as he continues drawing up plans for a mixed-use redevelopment that includes construction of a new seven-story midrise building with 300 apartments and underground parking.

Besides Subway, Theodorakos said he’s also trying to strike deals with a Thai restaurant, a frozen yogurt shop and RadioShack.

Owner of the Concord Street block since 2011, Theodorakos says he’s making progress on the redevelopment project by taking a measured approach.

Theodorakos’ VTT Framingham Renaissance LLC is now in the midst of rebuilding four homes around the corner on Frederick Street that will have a combined 24 apartments. He is also seeking the Planning Board’s OK to convert vacant office space above Limey’s Pub in the Amsden Building on the Arcade block into another 24 apartments.

The Planning Board on Thursday continued its review of those plans, seeing it a transit-oriented development project that could help spark a downtown revitalization.

"This is the start that we need," board member Tom Mahoney told Theodorakos.

The board is weighing concerns from residents in the surrounding neighborhood about Theodorakos’ request to only have 36 parking spots for the 24 apartments and the businesses in the Amsden Building at 101 Concord St.

Precinct 14 Chairwoman Renee Faubert said residents fear the limited number of spots would lead people to park on surrounding neighborhood streets.

Theodorakos said his tenants won’t need much parking since the apartments would be perfect for professionals who rely on the nearby commuter rail.

He described plans for high-end touches, such as hardwood floors, black appliances and marble countertops.

The planners stressed they want to see the apartment conversion "done right," but said they support what Theodorakos is trying to accomplish to create more energy downtown.

"We are enthusiastic," board member Lew Colten said. He told Theodorakos he hopes Framingham can become a "model for urban improvement."

Theodorakos took over the Arcade redevelopment project from Michael Perry, who lost the property to foreclosure while attempting an ambitious $60 million overhaul.

Theodorakos, whose VTT Management office is based across the street, said his specialty is transforming distressed assets. He vowed the Arcade will be no exception.

Putting in the 24 apartments, for a start, will help create density that he said is critical when it comes to making downtown a vibrant place.

"I’m very excited," Theodorakos said after Thursday’s meeting. "This is just the beginning of my plans."

Danielle Ameden can be reached at 508-626-4416 or dameden@wickedlocal.com.